1. Bundle your insurance.
By insuring both your home and automobile through the same insurance company you can take advantage of a “multi-line” discount saving up to 15%.
2. Increase your deductible.
You’ll pay less for insurance if you’re willing to pay a higher deductible should you file a claim. Raise your deductible from the standard $250 to $500 and you could save up to 20% on your premium. Go for a $1,000 deductible and you could save 30% or more.
3. Keep your record clean.
While many insurance companies will forgive one minor moving violation, like a seat-belt ticket or speeding ticket for less than 30 km/hr over the limit, they are very unlikely to be as soft on the second or third moving violation. And since those indications of your “high risk factor” stay on your motor vehicle record for two years, you can end up paying though the nose for your inability to moderate!
If you want to pay the least for your insurance, stay free of at-fault accidents, and keep your moving violations to one or less in a three-year period. Otherwise, you’ll find yourself in a lower classification paying up to 20% more for your insurance. A third conviction at best will increase in your premium significantly and at worst oust you from the regular insurance market, forcing you into the so-called “high-risk” market, where you could pay as much as 250% more for your insurance.
4. Know how your age affects your insurance premiums.
If you’re over 50, you may be able to claim a mature driver discount. If you’re a brand new driver, you’ll pay through the nose unless you take a qualifying driver’s education program, which could cut your costs by as much as 30%.